New financial year? Good time to check how much your EFTPOS machine costs. A new financial year usually means fresh numbers, new targets, and a closer look at how your business is performing. t’s also a good time to check something most business owners don’t think about often: What your EFTPOS is actually costing you.
For many, it just runs in the background. Payments go through, money lands in the account, and that’s enough. But when you take a closer look, some of the costs behind it aren’t always that clear. Not necessarily wrong. Just not always obvious.
Why it’s worth reviewing your EFTPOS setup
EFTPOS sits right at the centre of your customer experience. Every payment runs through it. That means small inefficiencies or unclear costs can add up over time.
Reviewing your setup each financial year helps you:
- Understand exactly what you’re paying for
- Spot costs that have quietly increased
- Make sure your setup still suits your business
- Avoid paying for things you don’t need
It’s less about cutting costs at all costs, and more about making sure everything makes sense.
The main EFTPOS costs to look at
1. Monthly Terminal Fee
This is the regular fee you pay to have the machine. In many cases, it makes sense. EFTPOS is essential infrastructure for most NZ businesses. But it’s worth asking:
- What am I actually getting for this fee?
- Does this setup still suit how my business operates?
- Am I paying for more terminals than I need?
A monthly fee isn’t the issue on its own. It just needs to be earning its keep.
2. Transaction Fees
These are the fees applied every time a customer makes a payment, especially for PayWave, credit cards, or contactless options. Things to check:
- What percentage am I paying per transaction?
- Are different cards charged differently?
- Has this rate changed over time?
Even small percentages can add up quickly, especially in high-volume businesses like retail and hospitality.
3. Service Fees
This is where things can get less clear. You might see line items that aren’t immediately obvious, often labelled as:
- Service fees
- Network fees
- Admin or support fees
These aren’t always a problem, but they’re not always clearly explained either. It’s worth checking:
- What does this fee actually cover?
- Is it necessary for my setup?
- Is it standard, or specific to my provider?
This is usually where business owners start asking more questions.
4. Add-On Fees
These are fees for features or functions added to your EFTPOS setup. Things like:
- Contactless (PayWave) functionality
- Integration with POS systems
- Reporting tools
- Additional payment options
Add-ons aren’t unusual. Different businesses need different setups. But this is where it’s worth taking a closer look. Some features that feel like they should be standard can sometimes sit behind an extra fee. Not always a problem. Just not always obvious. What to check:
- What exactly am I paying extra for?
- Is this essential for how my business operates?
- Is this something typically included elsewhere?
- Am I actively using this feature?
In some cases, these add-ons genuinely improve how your business runs.
What to look for when reviewing your EFTPOS costs
When you go through your EFTPOS fees, you’re not just looking for the cheapest option. You’re looking for clarity. Ask yourself:
- Do I understand what I’m paying for?
- Does this setup still suit how my business runs today?
- Are there any costs that don’t quite make sense?
- Is my EFTPOS helping or slowing down checkout?
If something feels unclear, it usually is.
⚠️ Signs it might be time to reassess
You don’t need to review your EFTPOS constantly. But a few signs it’s worth checking:
- Fees have increased over time
- Your business has grown or changed
- You’ve added more terminals or locations
- Your machine feels slow or outdated
- You’ve never properly reviewed your setup
Even one of these is enough to justify a closer look.
✅ A simple way to review your EFTPOS
Keep it simple:
- Look at your latest statement
- Break down your monthly costs
- Highlight anything unclear
From there, it’s about understanding, not guessing.
Final thoughts
EFTPOS is easy to set and forget. But the new financial year is a good reminder to take another look. Not because anything is necessarily wrong. Just because it should make sense.
If you want a clearer breakdown of what you’re paying for, we can help with that. We’re here to help and provide better understanding of your ideal setup.
